A new affordable housing project has been completed in downtown Honolulu, offering rental apartments for households with low to moderate incomes. The developer, 1060 Bishop Street LLC, converted a seven-story office building into 52 apartments ranging from studios to two-bedroom units. Monthly rents start at $1,950 and are reserved for households earning no more than 80% of Honolulu’s median income.
With the goal of addressing the affordable housing crisis in Hawaii, the developer utilized a city affordable-housing subsidy program to repurpose the existing structure. The project received incentives such as relaxed development standards, a 10-year property tax exemption, and an additional benefit of up to $15,000 per unit delivered. The income limit for tenants ranges from $78,000 for a single person to $120,320 for a family of five.
The former office building at 1060 Bishop Street was purchased in 2011 and initially planned to be turned into a hotel. Construction on the residential conversion began in July 2023 and was completed in June. Prospective tenants can find more information, including eligibility requirements, on the project’s website.
The project is seen as a significant contribution to finding solutions to Hawaii’s affordable housing crisis and revitalizing the downtown community. Initial tenants are expected to move in by October. This marks the first use of the city’s affordable-housing subsidy program to convert a commercial building into residences, providing much-needed housing opportunities for low to moderate-income households in the heart of Honolulu.
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